Social Security Facts
- In 2013, almost 58 million Americans will receive $821 billion in Social Security benefits.
- 94,000 retirees in the 1st District receive Social Security Benefits (SSA).
- For 2/3 of retirees, at least half of their income is from Social Security (NASI).
- For 1/3 of retirees, Social Security is 90% of their income (NASI).
Social Security is the major source of income for most of the elderly:
- Nine out of ten individuals age 65 and older receive Social Security benefits
- Social Security benefits represent about 39% of the income of the elderly.
- Among elderly Social Security beneficiaries, 53% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security.
- Among elderly Social Security beneficiaries, 23% of married couples and about 46% of unmarried persons rely on Social Security for 90% or more of their income.
Social Security provides more than just retirement benefits:
- Retired workers and their dependents account for 70% of total benefits paid.
- Disabled workers and their dependents account for 19% of total benefits paid.
- About 91 percent of workers age 21-64 in covered employment in 2011 and their families have protection in the event of a long-term disability.
- Just over 1 in 4 of today’s 20 year-olds will become disabled before reaching age 67.
- 69% of the private sector workforce has no long-term disability insurance.
- Survivors of deceased workers account for about 11% of total benefits paid.
- About one in eight of today’s 20 year-olds will die before reaching age 67.
- About 96% of persons aged 20-49 who worked in covered employment in 2011 have survivors insurance protection for their young children and the surviving spouse caring for the children.
An estimated 161 million workers, 94% of all workers, are covered under Social Security.
- In 1940, the life expectancy of a 65-year-old was almost 14 years; today it is almost 20 years.
- By 2033, there will be almost twice as many older Americans as today -- from 43.4 million today to 75.7 million.
- There are currently 2.8 workers for each Social Security beneficiary. By 2033, there will be 2.1 workers for each beneficiary.